You have probably seen serial numbers many times, as most of your surrounding products have one. In the case of hardware products, you can see serial number on the device’s surface. Software product serial numbers…

There are several economic concepts that entrepreneurs should consider when producing goods. The law of diminishing marginal productivity is one of them.    In simple words, it helps determine the point after which the utility…

It is undeniable that emails are one of the most common mediums of digital communication. That is why employing them for marketing purposes is essential. Ecommerce Email marketing is a practical and efficient strategy. It…

Economic Order Quantity, also known as EOQ, is a production-scheduling model, which was first developed by an American production engineer Ford Whitman Harris in 1913. The purpose of EOQ is to determine the perfect order…

There is no doubt that digitalization has changed our traditional shopping experiences. We go through the online store accounts of our favorite brands or multi-brand platforms to explore new trends, products on the market, etc. …

When a customer places an order, many processes happen until they receive the ordered products. Despite the quality of the goods, customers also care about the delivery time. From the business perspective, that is the…

Manual data entries and other repetitive everyday tasks can be extremely tedious, boring, and inefficient. Despite that these types of tasks make you sleepy, they also waste valuable time and resources while cutting down your…

Pricing is a strategic issue for any business operating in a modern competitive market. Setting the right price is one of the major issues that each company has to solve. Knowing how to deal with…

As defined by Investopedia, Days inventory outstanding (DIO), also known as Days Sales of Inventory (DSI) and Days in Inventory (DII), is a financial ratio used to measure the average number of days that a…

Almost every product that we get from the modern marketplace has packaging, be it food or beverage, technology, cosmetics, medicine, clothes… basically everything.   The primary purpose of packing was aimed for the convenience of…

What is the order to cash (O2C) process?   The order to cash process is the complete order processing cycle run by a business or a company. The process begins from the very moment the…

What is inventory tracking?   The answer to “how to keep track of inventory?” refers to managing the quantity of the goods purchased and sold by the company throughout the business operations.    Whether you…

Business executives sometimes take purchase orders as an unnecessary effort. They feel like verbal agreements and deals are reliable in business relations, including purchasing processes. However, that strategy is a big NO. Purchases are the…

Inventory carrying cost is an accounting term used to refer to the sum of all business expenses that occur while holding and storing unsold goods. Those costs include material handling and transportation, warehousing, insurance and…

From the point of your order placement to your final reception, there is a huge background process going on. That process is order management. It refers to controlling and tracking customers’ orders and taking all…